Agriculture News
Weekly soybean inspections during the week ended Feb. 1, rose more than 500,000 MT from the previous week and above the pre-report range. Meanwhile, corn inspections dropped 300,000 MT on the week.
Soybeans posted light two-sided trade overnight, while the corn and wheat markets weakened.
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Corn, soybeans and wheat faced light selling pressure early in the overnight session but have firmed this morning with wheat leading the move higher.
Our updated monthly and quarterly price forecast, including the first outlook for the third quarter.
Weekly soybean sales during the week ended Jan. 25 missed the pre-report range by over 330,000 MT, while soymeal sales exceeded expectations. Corn and wheat sales were within pre-report estimates.
Corn, soybeans and wheat kicked off the new month with a round of fresh selling during the overnight session.
Corn and soybean basis remained positive but slightly below average for this time of year.
The underlying data was bullish as the U.S. cattle herd contracted further — and will continue to do so.
Corn, soybeans and wheat pulled back from Tuesday’s strong corrective gains during overnight trade.
HRW crop ratings improvements over the past month were led by top producer Kansas and Nebraska.
Corn, soybeans and wheat extended Monday’s losses during the overnight session.
Malanga notes the possibility of the Federal Open Market Committee (FOMC) considering a rate cut in March if labor market weakness becomes apparent.
During the week ended Jan. 25, weekly wheat and soybean inspections were down from the previous week, while corn inspections rose 155,000 MT.
Short-term trend turns bullish for lean hog futures.
Corn, soybeans and wheat faced increased selling pressure during overnight price action and are trading near session lows this morning.
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Corn and soybeans faced followthrough selling overnight, while wheat retreated from recent gains.
That would still be the smallest annual increase in overall food prices since they rose 0.9% in 2017.